Turn your Instant Pot to the saute setting. Add in the butter and swirl it around until it is melted. Turn off the Instant Pot. Add in the rice and stir to coat the rice with the butter. Break up the spaghetti into half inch pieces. Add in the spaghetti. Stir.
Sprinkle in the parsley, garlic powder, onion powder, dried thyme, kosher salt and bay leaf. Pour the broth over the top.
Cover the pot and secure the lid. Make sure the valve is set to sealing. Set the manual/pressure cook button to 3 minutes. When the time is up let the pot sit for 5 minutes and then move the valve to venting. Remove the lid.
Fluff with a fork and serve.